Regulatory oversight is needed in the crypto market and Fijians must exercise caution - FCCC

For those looking to invest in any market, please ensure that you are not taking the advice of people who do not have the requisite expertise.

Fijian Competition and Consumer Commission CEO, Joel Abraham, highlighted this as he cautioned Fijians against investing in cryptocurrencies without fully understanding how the cryptocurrency market works.

Abraham elaborated on the downsides of cryptocurrency investment without the proper expertise.

He says especially in the wake of the FTX failure and Kraken shutting operations, he is concerned about Fijians who are actively advocating for investment in cryptocurrencies and assets.

The CEO further says FTX Trading Ltd, commonly known as FTX, was founded in 2019 and, at its peak in July 2021, had over one million users and was the third-largest cryptocurrency exchange by volume.

He says recently the company failed – causing billions of dollars of losses for its users, after a series of blunders and unethical conduct by founder, Sam Bankman-Fried, came to light.

The FCCC CEO adds these failures and shutdowns demonstrate that regulatory oversight is needed in the crypto market and Fijians must exercise caution before getting swayed into joining get-rich-quick schemes.